Advocate Supreme Court
Jónas Þór Guðmundsson
District Court Advocate
Haraldur Flosi Tryggvason
Álfheiður Ingadóttir
Kristín Vala Ragnarsdóttir
M.S. International Affairs
Ragnheiður Elín Árnadóttir

Board of Directors

Landsvirkjun is the largest energy company in Iceland and is owned by the Icelandic state. The Board is appointed by the Minister of Finance and Economic Affairs, on an annual basis, and is responsible for the finances and the operation of the Company. 

Landsvirkjun’s Board of Directors was re-appointed on the 27th of April, 2017. Jónas Þór Guðmundsson was re-appointed as the Chairman of the Board and Haraldur Flosi Tryggvason was appointed as the Vice Chairman of the Board, at the first meeting held by the Board.


Board members

  • Jónas Þór Guðmundsson
    Advocate Supreme Court
  • Haraldur Flosi Tryggvason
    District Court Advocate
  • Álfheiður Ingadóttir
  • Kristín Vala Ragnarsdóttir
  • Ragnheiður Elín Árnadóttir
    M.S. International Affairs

Reserve members

  • Páley Borgþórsdóttir
    Attorney at law
  • Lárus Elíasson
    Mechanical engineer
  • Ásta Björg Pálmadóttir
    Municipal chairman
  • Ragnar Óskarsson
    Secondary school teacher
  • Albert Svan Sigurðsson
    Environmental geographer

The Executive Board of Directors

Landsvirkjun’s Board of Directors appoints the CEO. The Board and the CEO are responsible for the operation of the Company. The Deputy CEO oversees the joint affairs of the Company as well as directing policy development and ensuring the quality of corporate governance. There are currently five directors at Landsvirkjun.



Hörður Arnarson, Ph.D

Hordur Arnarson completed his electrical engineering studies at the University of Iceland in 1986 and went on to obtain a doctorate from the Technical University of Denmark, in Copenhagen four years later, in 1990. Hordur began working for the food processing developer Marel in 1985 and become CEO in 1999, a position he held for ten years. He was then appointed Managing Director at the Sjóvá insurance company, leading the restructure of the organisation.

Deputy CEO

Corporate Office

Ragna Árnadóttir, Deputy CEO


To oversee the Company’s joint matters of concern and policy formulation, as well as to ensure professional management practices. Support divisions handling Landsvirkjun’s joint matters are located in the Corporate Office.

Executive Vice President

Energy Division

Einar Mathiesen, Executive Vice President


To ensure that electricity generation and delivery is secure and efficient and fulfils the terms of the agreements signed with Landsvirkjun’s customers.

Executive Vice President*

Marketing & Business Development Division

Stefanía G. Halldórsdóttir, Executive Vice President*


To maximise Landsvirkjun’s long-term profit potential, through the innovative and effective promotion and sale of products and services, within the national and international energy sector.

Executive Vice President

Research & Development Division

Óli Grétar Blöndal Sveinsson, Executive Vice President


To manage the preparation of new power projects and to conduct research on the existing power systems. We ensure the efficient implementation of new power projects, and to increase the flexibility of energy production options and support innovation in energy production with a long-term view of future energy supplies.

Executive Vice President

Project Planning & Construction Division

Gunnar Guðni Tómasson, Executive Vice President


To oversee Landsvirkjun’s power station projects from the preparation stage to their completion. We monitor the costs and safeguard the quality and progress of the various projects, keeping them in accordance with the expectations, plans and needs outlined by the company.

Executive Vice President

Finance Division

Rafnar Lárusson, Executive Vice President


To create a foundation for efficient operations and to promote maximum results in all units of the Landsvirkjun Group.

*Björgvin Skúli Sigurðsson og Birna Ósk Einarsdóttir held the position previously in 2017.


Company Structure


Our team

Our team is the key to our success and we continuously strive to safeguard the knowledge, skills and well-being of our employees. There were 270 permanent employees in 2017, working all over the country. Additionally, there were 170 young adults and 62 university students who accepted summer employment positions at Landsvirkjun.


An emphasis on equality

The Company has recently worked in collaboration with Capacent to conduct a multifaceted analysis of company culture. The Executive Board and power station managers subsequently developed a number of objectives with regard to the issue and these were discussed at a staff meeting at the beginning of November. Landsvirkjun is one of the first companies to use the gender equality assessment from Capacent. The results will provide the foundation for an action plan for gender equality issues which will be developed in the next years. An equality committee was also re-appointed and will be led by the CEO who will serve as Chairman of the Board. Landsvirkjun was also awarded the Gold Standard for Wage Equality by PWC for the third time.


Landsvirkjun’s future vision is to be a progressive, international energy company in the field of renewable energy. We want to be amongst the best in generating and selling energy.

Our values are prudence, progressiveness and reliability.


Landsvirkjun's role

Landsvirkjun is a state-owned company and our role is to consistently endeavour to maximise the potential yield and value of the natural resources we have been entrusted with, in a sustainable, responsible and efficient manner.

The Policy is built on five pillars designed to fulfil Landsvirkjun’s role:

Landsvirkjun's role is
to maximise the potential yield and value
of the natural resources it has been entrusted
with in a sustainable, responsible and efficient manner
Efficient electricity production and development
Operations are built on a solid infrastructure, characterised by efficiency, economy and effective risk management in operations and investments. This is reflected by the Company's certified management system designed to ensure that the Company fulfils declared overall plans and commitments.
A diverse client base
We create value by fulfilling the needs of our diverse client base. Our relationship with our clients is based on a solid foundation and regular, mutual communication.
Connecting with the European energy market
We see the European energy market as our competitive market. We strive to attract investment from energy intensive industries and services and take an active part in assessing the opportunities offered by connecting to the European electrical network.
Inspiring and promoting expertise and talent in the LV workforce
We guarantee our employees a good working environment that promotes safety, health, knowledge dissemination and the development of individual expertise and talent. We discuss the results of our performance fairly and openly and seek out ways to continuously improve our performance.
Encouraging unity & support from stakeholders via open and clear communication
We are committed to achieving widespread consensus on the balance between environmental, social and profitability issues in our operations. The Company wants to contribute to the sustainable development of society; it is a leader in environmental matters and is committed to social responsibility. The Company fulfils external requirements, government, laws and regulations, and other requirements made with regard to its operations.

The Company wishes to contribute to the sustainable development of society. It is a leader in the handling of environmental issues and is committed to its social responsibility.


Social responsibility policies

Social responsibility is about creating value for our owners, treating the environment and all natural resources with respect and ensuring that knowledge dissemination and the positive effects of our operations reach society.

Landsvirkjun ensures that its policy on social responsibility is enforced by setting goals and by placing an emphasis on the following aspects in the operations of the Company:

  1. Landsvirkjun operates in accordance with responsible corporate governance standards.
  2. Landsvirkjun is committed to having a positive effect on its value chain.
  3. Landsvirkjun is committed to being at the forefront of environmental matters.
  4. Landsvirkjun endeavours to work in consensus with society.
  5. Landsvirkjun places an emphasis on leading the way in health and safety as well as in HR matters.
  6. Landsvirkjun shares its expertise to support innovation and to help the development of the economy and society.

More on social responsibility

Landsvirkjun is a member of the UN Global Compact which creates a global standard for social responsibility. We have committed to implementing the principles outlined by the UN in the areas of human rights, labour, the environment and anti-corruption.


Environmental policy

Landsvirkjun’s operations have an inevitable impact on the environment and the Company has therefore developed a clear environmental policy. Landsvirkjun’s Environmental Policy is as follows:

Landsvirkjun is at the forefront of environmental issues and supports sustainable development within society. The Company is committed to acquiring knowledge on the environmental impact of its operations and to reducing any impact.

The Policy includes five policy targets which can be seen in the table below.

Better utilisation
of natural resources
  • The most efficient use of natural resources should be considered in the design process for new power projects and in any changes to power stations or their operation.
  • The development, design and operation of energy generation should be supported by the Hydropower Sustainability Assessment Protocol.
  • The Life Cycle Assessment (LCA) methodology should be used to improve efficiency in the utilisation of natural resources and to reduce any impact on the environment.
  • Green procurement measures should be used and environmental requirements should be set out in contracts with suppliers and service providers.
  • Waste should be sorted, reused and/or recycled.
Carbon neutral
  • Consistently work towards reducing GHG emissions and implementing carbon sequestration measures via vegetation and soil.
  • Support energy exchange measures in transportation and follow the Company Transport Policy.
Operate in harmony with nature and
the physical landscape
  • Support and maintain natural diversity and minimise any disturbance.
  • Support the restoration of ecosystems and follow the Company Ecosystem Restoration Policy.
  • Follow Company policy pertaining to structure design and landscaping.
  • Work in accordance with sustainable development protocols including active stakeholder engagement and active involvement in cooperative projects with stakeholders
  • Support open and constructive discussion and account for Landsvirkjun’s achievements in environmental matters
Operations without
environmental incident
  • Landsvirkjun's operations are certified according to the Environmental Management System ISO 14001.
  • Environmental aspects in operations should be defined, managed and monitored for success.
  • All legal requirements pertaining to environmental aspects should be fulfilled and more stringent requirements should be implemented where appropriate.
  • Preventive measures and improvements should be actively developed through research, by outlining objectives and via registration and processing recommendations.
  • Landsvirkjun’s employees and those working for the Company should have the appropriate knowledge and competence to implement the Company’s Environmental Policy.

Safety Policy

The Occupational Health and Safety Policy (ÖHV in Icelandic) is at the core of Landsvirkjun’s operations. Safety matters and appropriate employee facilities are a priority in Company operations. The Occupational Health and Safety Policy is interwoven with Company operations and various tools including standards, procedures and implementation documents are used to ensure adherence to the policy. Risk assessment is a key factor in identifying and assessing risk, improving employee conditions and reducing the risk of accident. Employee education and training on the policy is also an important factor.

There have been no serious accidents involving Landsvirkjun employees in the last four years. The Company follows a ‘zero accident policy’ with the goal of achieving no accident related absences in the workplace


Management System

Landsvirkjun has developed a management system based on years of experience and knowledge and effective work practices. The Management System supports the Company in fulfilling its obligations towards its clients, employees and other stakeholders as well as the Company’s intentions with regard to developing company policy, based on the values of sustainable development. The Management System provides information on what we do and how we work. An emphasis is placed on integrating management and working procedures, therefore ensuring the reliability of operations, with efficiency and safety as guiding principles.

Landsvirkjun’s Management System is certified according to international standards. Changes were made with regard to certification in 2017. The quality management, environmental management and safety management systems are now all certified by the British Standards Institution (BSI), a leading member of standardisation, audits and certification worldwide. Landsvirkjun's management system is also certified according to the latest releases of relevant management standards, which include a broader approach to risk management and performance management within the Company.